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The "biotechnology market" was valued at more than $7 billion in 2015 and is expected to reach nearly $10 billion by 2024, according to a new report by Grand View Research.
North America held the largest market share in 2015 and is expected to retain its lead throughout the forecast period.
The US is also expected to be the fastest-growing country in the biotechnology market, with a compound annual growth rate (CAGR) of 14.3% between 2016 and 2024.
Some of the major factors driving the biotechnology market in the US are the rising investment in research and development, the increasing incidence of chronic diseases, and the growing focus on personalized medicine, according to the report.
The Asia-Pacific biotechnology market is expected to show the fastest growth, with a compound annual growth rate (CAGR) of 14.3% between 2016 and 2024.
The report "Biotechnology Market by Technology (Cell and Gene therapies, Drug delivery, diagnostics, and tissue engineering), by Application (Diagnostics, Agriculture, Regenerative medicine, and others), and by Region (North America, Europe, Asia-Pacific, South America, and Middle East and Africa) Global Forecast to 2024" is the result of an in-depth analysis of the biotechnology industry, according to the report.
Some of the key players in
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